Net profit closed 133% higher while revenues was up 55% to J$1.75 billion
Stationery & Office Supplies recorded a remarkable 2022 in which both profits and revenues soared, as the business weathered the challenges encountered throughout the year.
Profit before taxes increased by 169 per cent to J$283.84 million for the year relative to the J$105.51 million earned in 2021. Pre-tax profit for the December quarter closed at J$22.97 million versus J$27.36 million in in the prior comparable quarter.
After tax expense of J$27.34 million (2021 tax credit: J$1.16 million), net profit for the year totaled J$256.51 million, representing a 139 per cent increase relative to the J$107.12 million in 2021. Net profit for the fourth quarter went down to J$3.97 million compared to J$28.97 million 12 months before.
EPS climbed in 2022
Earnings per share (EPS) for the year amounted to J$1.03, up from J$0.43 in 2021, while EPS for the December quarter totaled J$0.02, down from the J$0.12 recorded in December 2021. Stationery & Office Supplies’ stock last traded last week at J$13.95 with a corresponding P/E ratio of 13.60 times.
Revenues for the year climbed to J$1.75 billion relative to J$1.12 billion in 2021, a 55 per cent increase, while for the fourth quarter revenues moved from J$315.52 million in 2021 to J$427.33 million in 2022. The company’s cost of sales totaled J$911.92 million, up 59 per cent relative to the J$573.70 million reported in 2021.
As a result, gross profit climbed by 52 per cent, amounting to J$836.23 million relative to the J$551.15 million booked in 2021, while for the fourth quarter gross profit moved from J$131.46 million in 2021 to J$161.76 million in 2022.
Administrative expenses totaled J$399.14 million, up 25 per cent compared to the J$319.53 million booked in 2021, while selling and promotion expenses increased by 64 per cent, closing the year at J$131.87 million compared to J$80.26 million in the prior year.
Other financial highlights
Stationery & Office Supplies’ depreciation cost amounted to J$30.08 million, a decrease of 14 per cent relative to the J$26.45 million incurred in 2021, while finance cost went down by 22 per cent to close at J$8.71 million (2021: J$11.14 million).
Total Assets, as at December 31, 2022, increased by 49 per cent or J$457.13 million closing at J$1.39 billion, up from the J$928.02 million posted in 2021. The increase was due to a 25 per cent rise in ‘Inventories,’ which closed at J$368.62 million (2021: J$296.02 million) as well as a 62 per cent increase in ‘Trade Receivables’ amounting to J$200.13 million (2021: J$123.73 million).
Equity attributable to stockholders of the company stood at J$1.10 billion (2021: J$676.83 million), resulting in book value per share of J$4.41 (2021: J$2.71).